Charity Registration Number: 1098277 Trustees’ Annual Report and **Unaudited Financial Statements** For the year ending 31 July 2023
## **The Wells Cathedral Chorister Trust**
**Mission: To support the provision of bursaries and scholarships for Wells Cathedral choristers who sing in the Cathedral Choir.**
**Vision: To raise enough money to ensure that no deserving child misses out on a unique opportunity and to secure the future of the Wells Cathedral Choir**
## **Introduction by Chair of Trustees**
I am pleased to be able to introduce the Annual Report and Financial Statement for the year ending 31 July 2023. We continue to thrive and have had a pleasing year.
We could not do this without the many supporters who love the Chorister Cause. Especially we thank:
- All our Friends and Ambassadors who support us with monthly donations,
- The grant-making charities and foundations who support us.
- Other Donors who give on an ad hoc basis.
As planned, we have been able to increase our bursaries and scholarships from September 2023.
During the year, we have seen the departure of Nicholas Jepson-Biddle who had been an ex-officio Trustee of WCCT whilst he was the Precentor of Wells Cathedral. We look forward to welcoming his successor in 2024.
We are in the process of reviewing the skills, knowledge, diversity and experience of the remaining trustees and a number of additional appointments will be made over the coming year once our skills audit has been completed.
As part of our duty to keep all of our procedures and responsibilities under review, we are reviewing our investment policy and our investment provider in the Spring of 2024. This follows on from the review of our accountancy provision in July 2022 and the subsequent detailed review of our historic accounts and our book-keeping processes.
We remain committed to pursuing our stategy of fundraising through events, our Friends Scheme, one-off donations and legacies and grants from charities. This will allow Wells Cathedral Chorister Trust to be there to fund any unexpected needs of the current choristers and to provide Wells Cathedral School and Wells Cathedral with the confidence to audition and recruit children regardless of financial means.
The most important measure of our success is the number of choristers we can help and the amount we are able to spend on bursaries.
## Arnold Wills
Chair of Wells Cathedral Chorister Trust
A current chorister.
Page 1
## **Our Objectives and Public Benefit**
Our charitable purpose is:
The promotion of the education of the choristers of Wells Cathedral by the granting of scholarships or bursaries or any financial assistance the trustees consider appropriate towards the tuition and/or boarding fees payable to Wells Cathedral School.
The Trust, whilst independent of both the Cathedral and also Wells Cathedral School, works closely with both organisations.
There are up to 18 boy and 18 girl chorister places in the choir and all choristers are educated at the Wells Cathedral School. Over the past five years the Trust has provided scholarships and bursaries to assist 29 children for a total of 200 school terms.
Decisions about the duration of ongoing support for individual choristers are taken by the trustees in consultation with the School and Cathedral.
We are aware that being a chorister has not always been a viable option for many young people and their families. We regularly have children who are keen to take up a place as a chorister but decide not to do so because it is not affordable for their family. Due to the Trustees desire to award bursaries from income rather than capital, at present the limited available income constrains the level of support that can be given. We are working to build further, aiming to ensure any child with the ability and desire can become a chorister.
We are committed to ensuring that we can support the Wells Cathedral Choir to be both diverse and inclusive in the future. Our aim as a Trust is to ensure that 'there are no lost voices' for financial reasons. In these difficult financial times, we continue to look at how best we can help.
The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 and have had due regard to the Charity Commission's guidance on public benefit when reviewing the Trust's activities, making decisions and managing the Trust.
**I am absolutely certain that without the four wonderful years I spent in the front-row of Wells Cathedral Choir I would not be doing what I am today. Furthermore, I know that those formative experiences have been the foundation for many of my chorister contemporaries who chose a non-musical careerr a job, it sets you up for life.**
David Buckley, Composer and Patron of The Wells Cathedral Chorister Trust.
**It was at Wells that all my musical foundations were built. I grew in confidence in that rich environment. Having the opportunity to perform professionally from such a young age is an unbeatable opportunity for talented children.**
Meeta Raval, Opera Singer and Patron of The Wells Cathedral Chorister Trust.
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## **Our Achievements, Performance and Impact**
The Wells Cathedral Chorister Trust exists to support the provision of bursaries for Wells Cathedral Choristers who sing in the Cathedral choir.
- Bursaries for Chorister families requested by the school in 2022/23 and approved and paid by the Trust amounted to £25,596. We helped 9 children over the course of the year who would not have been able to be choristers without our support.
- The Wells Cathedral Chorister Trust provided individual bursaries for the Wells Cathedral Choristers (i.e. funds in addition to those available from the School and other sources) to help further reduce the sums payable by chorister families for
Payments are made directly to the School, following verification of relevant invoices. We do not make any payments directly to chorister families.
Choristers have a great many opportunities, including participating in tours, radio and television broadcasts, major festivals and much more, all whilst singing in one of the most beautiful cathedrals in England. Wells Cathedral School is one of only five specialist Music Schools in the country and was crowned “Performing Arts School of the Year 2020” by the Independent School of the Year awards.
Our regular donor scheme known as The Friends of Wells Cathedral Chorister Trust, launched in July 2021, continues to grow. In the year to July 2021 we received £7,220 from our regular donors (then known as Angels). This year the funds raised from our friends topped £25,000. Our Friends remain very loyal and we are grateful not only for their financial contribution but also for their vocal support at concerts, coffee mornings, and regular services.
During this year, we ran a number of successful fundraising events including the everpopular Tallis Voices promenade concert, Benjamin Brittain’s Ceremony of Carols, a concert with the Choir of Royal Holloway and a performance at the Church of St Leonard in Marston Bigot.
Conflicts of Interest Policy, Bursary Policy and Trustee Expenses Policy have all been updated.
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## **Chorister Survey results**
During this year Wells Cathedral School and Wells Cathedral undertook a survey as part of their ongoing review of the chorister provision.
The Choristers of Wells Cathedral Choir with HRH The Duchess of Edinburgh GCVO. e.
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## **Financial Review**
## Where our income came from 2022/23:
Total income for the year was £ 117,865 (2022 :£ 144,781). The previous year had been an exceptional year because we received two very large one-off donations.
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**----- Start of picture text -----**
INCOME 2022/2023
Legacy Other income Donations
Gift aid
1% 0% 4%
8%
Events Income
Grants
5%
14%
Regular Giving
22%
Dividends &
Interest
46%
**----- End of picture text -----**
How the money was spent 2022/23:
72,387 (2022: £ 79,596).
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**----- Start of picture text -----**
Meetings EXPENSES
Finance Trustee Expenses
& Travel Other
Rent
Legal &
Professional Bursaries
Fundraising &
Marketing
Administration
Office Expenses
Events
Subscriptions
**----- End of picture text -----**
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## **Structure, Governance and Controls**
## **Governing Document**
Trust deed dated 21/01/2003 as amended by resolution dated 25/03/2004 and deed dated 19/07/2011
## **Trustees**
The Board of Trustees have a variety of appropriate skills which include professional backgrounds in the worlds of financial planning, human resources, charity law, and educational and business management. We all share a genuine passion for the Chorister Cause. We recognise the need for a diverse board as far as possible, with a healthy Trustee changeover.
With the exception of the ex officio trustees, our trust deed provides for trustees to serve limited terms of office. The ex officio trustees are the Cathedral Precentor and one School governor appointed by the School as a trustee. The Precentor remains a trustee whilst holding that office. The selected governor remains a trustee until they resign, cease for another reason to be eligible to serve as a charity trustee or they are replaced by another governor chosen by the School. The Precentor position is vacant (since 06/08/2023) and, pending the appointment of a new Precentor, the Acting Precentor has been invited to attend the trustee meetings as a guest.
## **Reserves**
The policy of the Trustees is to build a designated fund that allows for increasing levels of scholarships and bursaries. The Trustees are ever mindful of the need to provide bursaries to ensure that there are no Our success will be measured by the number of families we can assist and the size of our annual bursary and scholarship payments.
the anticipated bursaries and scholarships.
Total Reserves Of this the fund was created to support solely girl choristers), Within unrestricted funds has been designated for girls and Event, the Iain Ball Fund and an Enabling Fund.
with free reserves of 1.
The trustees, with support from professional advisors, are in the process of reviewing the
Page 6
restriction on the fund for girls as ideally all the funds would be held to support both girls and boys.
## **Investment**
In accordance with the trust deed, the Trustees may authorise the funds of the charity to be invested in any stocks, shares or insurance policies. The Trustees' aim of the eventual portfolio will be to generate long-term total return, combining both capital and income growth, to meet the needs of the Trust. This will be achieved, primarily, by investing in a portfolio of global equities, commercial property, infrastructure and other assets. All nonbank funds are currently invested through CCLA Investment Management Ltd. A review of anagement provision is scheduled for Spring 2024.
## **Risk Management**
In addressing risk management, the trustees identify the major risks to the Trust, based on likelihood and projected impact. They agree risk procedures intended to reduce likelihood and, where risks do materialise, to reduce their projected impact.
## **Plans for the Future**
Following the momentous Coronation, and inspired by its theme of inclusion, we are planning monumental changes to support talented children to join the choir, despite their financial needs. Supported by our Royal Patron, HRH The Duchess of Edinburgh, we are launching the Coronation Fund Appeal. The target is to raise and we aim to be in a position to pay Coronation Fund bursaries from that date.
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We remain committed to increasing the opportunities for musical children from all backgrounds to develop their skills and to flourish with an all-round education at an exceptional music school.
The School and the Cathedral, working together, are able to offer standard scholarships to all choristers of 25% of the School fees. This is significantly less than the scholarships offered by many other cathedral choirs. From September 2023, the Trust is in a position to offer an additional scholarship payment of 6% for every chorister. Chorister families will be encouraged to decline this 6% Scholarship if they are financially secure. This scholarship will be paid alongside the discretionary bursary payments to those choristers with greatest financial needs.
Whilst the new total (provided by the School, the Cathedral and WCCT) of a 31% standard scholarship is still less than many other cathedrals, the additional 6% increase alongside
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our work on the Coronation Fund Appeal will help the Choir to recruit the most talented choristers on merit alone.
As the School and the Cathedral strive to support all children, a key challenge ahead for the Trustees will be the ability to help choristers regardless of gender. Originally named The Wells Fund for Girl Cathedral Choristers, the Trust was established to provide financial support for girl choristers of Wells Cathedral. This was because, at that time, there were separate funds held by other independent bodies for boy choristers (since then those funds have either been expended or are no longer restricted to just boys).
In 2011, following an application to the Charity Commission, the charitable purposes of the Trust were altered to allow support to be given to both boy and girl choristers. From that - All funds raised since that date have been held for boys and girls. It would be preferable to have greater flexibility in the application of funds, so the Trustees intend to take advise on whether and, if so, how the restriction on either some or all of the
On 15th June 2024, we will be celebrating 30 years of chorister girls at Wells Cathedral. We are planning a special celebration and all former choristers will be invited.
Page 8
Statement of trustees, responsibilities
The trustees are responsible for preparing the trustees, report and the financial statements
in accordance with applicable law and United Kingdom Accounting Standards including
Financial Reporting Standard 102= The Financial Reporting Standard applicable in the UK
and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial
statements for each financial year which give a true and fair view of the state of affairs of
the charity and of the income and expenditure of the charity for that period. In preparing
these financial statements, the trustees are required to:
• select suitable accounting policies and then apply them consistentlv,.
• observe the methods and principles in the Charities SORP,.
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the linancial statement5: and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for Maintaining proper accounting records whlch dlsclose with
reasonable accuracy at any time the financial position of the charity and enable them to
ensure that the financial statements comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2CQ8 and the provisions of the constitution. They are
also responsible for safeguarding the assets of the charity and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial
information included on the charitws website. Legislation in the United Kingdom governing
the preparation and dissemination of financial statements may differ from legislation in
other jurisdiction5.
The annual report was approved by the trustees of the charity on
signed on its behalf bv:
17 May 2024
-and
Sam Forsev
Trustee
Page 9
## **Reference and Administrative details**
Maureen Boylan (Appointed 16/11/2022) Hilary Cain (Retired 22/11/2022) Richard Cromwell Sean Donoghue (Retired 11/04/2023) Samuel Forsey (Appointed 22/11/2022) Cecile Gillard Nicholas Jepson-Biddle (to 06/08/2023) Robert Powell (ex officio) Arnold Wills (Chair since 06/11/2019) Fiona Wills Margaret Wilson
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Independent Examiner's Report to the trustees ofThe
Wells Cathedral Chorister Trust
I report to the charity trustees on my examination of the accounts of The Wells Cathedral
Chorister Trust for the year ended 31 July 2023. (Set out on pages 12 to 241.
Responsibilities and basis of report
As the charity trustees of The Wells Cathedral Chorister Trust you are responsible for the
preparation of the accounts in accordance with the requirements of the Charities Act 2011
I'the Act'l.
I report in respect of my examination of the The Wells Cathedral Chorister Trust's accounts
carried out under section 145 of the 2011 Act and in carrying out my examination I have
followed all the applicable Directions given by the Charity Commission under section
14515llbl of the 2011 Act.
Independent examlnerfs statement
I have completed my examination. I confirm that no material matters have come to my
attention in connection with the examination 8iving me cause to believe that in any
material respect:
l. accounting record5 were not kept in respect of The Wells Cathedral Chorister Trust as
required by section 130 of the Act,. or
2. the accounts do not accord with those records: or
3. the accounts do not comply with the accounting requirements concerning the form and
content of accounts set out in the Charitie5 (Accounts and Reports) Regulations 2008
other than any requirement that the accounts give a 'true and fair view. which is not a
matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the
examination to which attention should be drawn in this report in order to enable a proper
understanding of the accounts to be reached.
Alexandra Shore FCA DChA
A C Mole LLP
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TAI 2PX
20 May 2024
Page 11
The Wells Cathedral Chorister Trust
Statement of Financial Activities for the Year Ended 31 July 2023
Unrestricted
funds
Restricted
funds
Total
2023
Note
Income
Donations and legacies
Charitable activities
57.257
6,537
14.329
57.257
6,537
54,C$71
Investment income
39,742
Total income
78,123
39,742
117,865
Expenditure
Charitable activlties
168.6211
13.7661
172,3871
Total expenditure
Gainsllosses on investment assets
168,6211
114.7081
13,7661
117.41SI
172,3871
132,1231
Net lexpenditurel/income
15.2061
18.561
13.355
Net movement in funds
15,2061
18,561
13,355
Reconc115atlon of funds
Total funds brought forward
909.213
1,030.838
1,940.051
Total funds carried forward
15
904.007
1,049,399
1.953,406
Unrestrlcted
funds
Restrlcted
funds
Total
2022
£ IAS restatèd)
Note
Income
Donations and legacies
Charitable activities
90,549
5,454
12.504
90,549
5,454
48,778
Investment income
36.274
Total Income
108.507
36.274
144.781
Expendlture
Charitable activities
164.5281
115.0681
179,5961
Total expenditure
Gainsllosses on investment assets
164.5281
19,5521
115,0681
111,3111
179,5961
120,8631
Net income
34.427
9.895
44.322
Net movernenl in funds
34.427
9.895
44.322
Reconclllatlon of funds
Total funds brought forward
874.786
1,020,943
1,895,729
Total funds carried forwaid
15
,213
1,030,838
1,940,051
The notes on pages 14 to 24 form part of these financial statements.
Page 12
The Wells Cathedral Chorister Trust
(Registration number: 1098277)
Balance Sheet as at 31 July 2023
2023
2022
£ IAS restated)
Note
Fixed assèts
Tangible a55ets
Investments
io
799
647
li
1,7S7.662
1.789,785
1.758.461
1.790.432
Current assets
Debtors
Cash at bank and in hand
12
60
204.042
154,940
204.102
154,940
Credltors: Amounts fallln8 due withln one year
13
19,1571
15,3211
Net current asset5
194.945
149,619
Net assets
1,953,406
1,940,051
Fund5 of the charlty..
Unrestricted funds
.Th)7
1,049.399
909,213
1,030,838
Restricted funds
Total charlty lunds
15
1,953.406
1,940,051
The financial statement5 on pages 12 to 24 were approved by the trustees, and authorised for issue on
17 May 2024 and signed on their behalf by:
Samuel Forsey
Trustee
The notes on pages 14 to 24 form part of these financial statement5.
Page 13
The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
l Accountlng polldes
Statement of compliance and basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at
cost or transaction value unle55 Stated oiherwi5e within these notes. The financial statement5 have been
prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS 1021 lissued October 20191 Icharities SORP IFRS 10211. the Financial
Reportin8 Standard applicable in the United Kin8dom and Republic of Ireland IFRS1021, and the Charities Act
2011.
The Wells Cathedral Chorister Trust meets the definition of a public benefit entity under FRS 102.
Golng concern
The trustee5 consider that there are no material uncertainties Jbout the Charity's ability to continue ès a going
concern.
Income and endowments
All income is recognised when the charity has entitlement to the income, it is probable that the income will be
received and the amount can be measured with sufficient reliabilitv.
Donatlons and le8acles
Donations and legacles are recognlsed on a receivable basis when receipt is probable and the amount can be
reliably measured.
Expendlture
All expenditure is reco8nised once there 15 a le8al or constructive obligalion to that expenditure, it is probable
settlement is required and the amount can be measured reliably. All costs are allocated to the applicable
expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to
phrticular headings they have been allocated on 3 basis consistent with the use of resourees, with central staff
cost5 allocated on the basis of time spent, and depreciation char8es allocated on the portion of the asset'5 Use.
Other support costs are allocated based on the spread of staff costs.
All resources expended are inclusive of irrecoverable VAT.
Charltable actlvltles
Charitable expenditure tomprises those costs incurred by the charity in the delivery of its activities and
Services for its beneficiaries. It includes both costs that can be allocated diiectly to such activities and those
costs of an indirect nature necessary to support them.
Irrecoverable VAT
The charity is registered for VAT. All expenditure is stated indusive of VAT. Irrecoverable VAT is charged
against the expenditure heading for which it was incurred.
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The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
Taxatlon
The trust is a re8lStered charity and is. therefore. exempt from liability to taxation on its income and capital
gains, to the extent that they are applied for charitable purposes.
Tan8ible fixed assets
Individual fixed assets are initially rècoidèd at cost. less any subsequent accumulated deprèciation and
5ub5equent accumulated impairment losses.
Depreclatlon and amortlsatlon
Depreciation is provided on tangible fixed asset5 $0 a5 to write off the cost OT valuation, less any estimated
residual value. over their expected useful economic life as follows:
Asset clas5
Equipment
Depreclatlon method and rate
3 Year Strai8ht Line
Flxed a55et Investments
Listed investments
Listed investments are a form of basic financial instrument and are initially re¢o8nised at their transaction
value and subsequently measured at fair value at the balance sheet date usin8 the closing quoted market
price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and
disposals throughout the period. The Trust does not acquire or use put options. derivatives or other complex
financial instruments.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised 6ains and losses on
investments are calculated as the dilfÈrence between sales proceeds and their opening carrying value or thelr
purchase value if acquired 5ybsequent to the first day of the financial year. Unrealised gains and 1055e5 are
calculated as the difference between the fair value at the period end and their carryin8 value. Realised and
unrealised investment 8ains and losses are combined in the Statement of Financial Activities.
Cash and cash equlvalents
Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance
of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income fund5 are those donated for use in a particular area or for specific purposes, the use of
which is restricted to that area or purpose.
Endowment funds are earmarked by the donor for specific purposes and only the income can be utilised for
that specific purpose.
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The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
Flnanclal Instruments
The charity only enters into basic financial instruments that result in the recognition of financial assets and
liabilities such as trade and other debtors and creditors together with loans to related parties.
Debt instruments, such as trade debtors and cieditofs. are initially measured at transaction price and
subsequently measured at amortised cost.
Financial assets are assessed at the end of each reporting period for objertive evidence of impairment. If
objective evidence of impairment is found. an impairment loss is recognised in the income statement.
Crltlcal Accountlng E5tlmates and Jud8ements
The preparation of the finantial statements in conformity with FRS 102 requiies management to make
judgements, estimates and assumptions ihat affect ihe application ol policies and reported amounts of assets
and liabilitie5, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
Includlng expectations of future evenls that are believed io be feasonable under the cii¢umstances.
The trust makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The Trustees consider that there were no critical accountin8
estimates and judgements have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities wiihin the next financial year.
Prlor perlod adjustment
Where an error or omi55ion is identified in respect of comparative fi8ures this is adjusted in the preceding
period.
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The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
2 Income from donatlons and le8acSes
Unrestrlcted
funds
Restrlcted
funds
Total
funds
Donations and legacies-
Donations
56,257
56,257
1,000
Le8acies
Total for 2023
57.257
57.257
Donations and legacies-
Donations
88.549
88,549
2.000
Le8acies
90.549
90.549
Total for 2022
90.549
90.549
3 Income from charltable artlvltles
Unrestrfcted
funds
Restrlcted
funds
Total
funds
Concert and event income
Sale of Christmas cards
5,985
552
5,985
552
Total for 2023
6,537
6.537
Concert and event income
4.972
482
4,972
482
Sale of Christmas cards
Total for 2022
5.454
5,454
4 Investment Income
Unrestrlcted
funds
Restrlcted
funds
Total
funds
Other investment income
13,397
932
36,790
2.952
50,187
3,884
Bank interest receivable
Total for 2023
14.329
39.742
54,071
Other investment income
12.470
34
36.051
223
48.521
257
Bank interest receivable
Total for 2022
12,504
36,274
48,778
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The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
5 Expendlture on charltable actlvltles
Unrestrlcted
Funds
Restrlcted
funds
Total
funds
Charitable activities
62.151
6.470
3,766
65,917
6,470
Support costs
Total for 2023
68,621
3,766
72,387
Charitable a¢tivities
61.891
2.637
15.068
76.959
2.637
Support cost5
Total for 2022
64,528
15,068
79,596
6 Net Incomelexpendlture
Net income for the year is stated after chaTBin8-
2023
2022
Depreciation of fixed assets
719
646
7 Trustees remuneratlon and expenses
The Charity considers its key management to Comprise of the Trusiees.
No trustee5, nor any persons conneded with them, have reiVed any remunerètion from the charity durin8
the year.12022.. Nil)
I trustee has received reimbursed e¥pen5es or any other benefits from the charity during the year of £80.
12022 Nil)
8 Independent èxaminer's remuneration
2023
2022
Examination of the financial statements
2,275
Asslstance with accounting (prior year under accrual)
Predecessor firm - Examination of financial statements
1,865
540
60
5.405
2,335
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The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
9 Taxatlon
The trust is a registered charity and is therefore exempt from taxation to the extent that income and Eains are
applied for charitable purposes.
10 Tangible fixed assets
Equlpment
Cost
At I Au8USt 2022
Additions
1,940
871
At 31 July 2023
2.811
Depreclatlon
At I Au8U5t 2022
Char8e for the year
1.293
719
At 31 July 2023
2,012
Net book value
At 31 July 2023
799
At 31 July 2022
647
Page 19
The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
11 Flxed asset Investments
Listed investments
Listed
irwestments
Cost or Valuatlon
At I August 2022
Fair value movements
1,789.78S
132,1231
At 31 July 2023
1,757,662
Net book value
At 31 July 2023
1,757,662
At 31 July 2022
1,789,785
Investments are held within the CBF Church of EnBland Investment Fund, managed by CCLA Investment
Management Ltd.
12 Debtors
2023
2022
Prepayments
60
13 Credltors.. amount5 fallln8 due wlthln one year
2023
2022
Trade creditors
5,642
3.515
3,046
2.275
Accruals
9.157
5,321
Page 20
The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
14 Obllgatlons under leases and hlre purchase contracts
Operatin8 lease commitments
Tot81 future minimum lease payments under non4an¢ellable operaiing leases are as follows..
2023
2022
Other
Within one year
1.750
1,750
15 Funds
Other
reco8nlsed
Balance at
Empendlture zalnslllossèsl 31 July 2023
Balance at I
August 2022
Income
Unrestrlcted funds
General Funds
47,848
78,123
168,6211
57,350
Deslqnated
Palace Event
10,0
6,450
23,089
10,000
6,450
23,089
lain Ball Fund
Enabling Fund
Des18nated Fund Girl and
Boy chorister5
821.826
114,7081
807,118
861.365
114,7081
846.657
Total unrestrlcted funds
909.213
78.123
168.6211
114,7081
904,007
Restrirted funds
Bur5arie5
57.693
39.742
13.7661
93,669
Restricted Fund Girl
choristers
973,145
117,4151
955,730
1,030.838
39.742
13.7661
117,4151
1,()49,399
Total funds
1.940.051
117.865
172.3871
132.1231
1.953.406
Page 21
The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
Funds- prior period IA5 re5tatedl
Other
reco8ni5ed
Balance at
Empendlture gainslllossesl 31 July 2022
Balance at I
August 2021
Income
Unrestrirted funds
General Funds
2.848
108.307
163.3071
47.848
Designated
Palace Event
iO,OCM)
6,250
24,310
10.000
lain Ball Fund
6.450
23,089
Enabling Fund
Designated Fund Girl and
Boy choristers
11,2211
831.378
19.5521
821.826
871.938
2
11.2211
19.5S21
861.365
Total unrestrlded funds
874.786
108.507
164.5281
19.5521
909.213
Restrlrted furKIs
Bursaries
36,487
36.274
115.0681
S7,693
Restricted Fund Girl
choristers
984,456
111,3111
973,145
1,020.943
36.274
115.0681
111,3111
1.030,838
Total funds
1.895.729
144.781
179.S961
120,8631
1,940.051
The specific purposes for which the funds are to be applied are as follows:
Palace Event - funds held were 8iven, without specific obli8aiion on the part of the donor, for the Trust to
support a special event at a Palace or similar
The lain Ball Chorister Fund the capital was created by donations given in memory of a past Chairman of the
Trust, lain Ball. An annual medal is granted to a suitable chorister chosen by the Cathedral in memory of lain.
The Enabling Fund came from a generous donation where the purpose is to 'enable the Trust, to rnake bold
decisions and to grow and move lorward whilst continuing to further at all times the aims of the Trust. For
example, this might be used to purchase administration equipment. furniture, the hire of musicians to support
events, recordings and other 'enablin@' attivities that the Trustees consider appropriate.
Since 1st August 2011 the Wells Cathedral Chorister Trust has had separate funds for choristers. The original
fund continues to be restricted to fund girl choristers only and the new designated fvnd supports both girl and
boy choristers.
Page 22
The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
16 AnalysSs of net assets between funds
Total funds at
31 July
2023
Unrestrlcted
funds
Restrlcted
funds
Tangible fixed assets
Fixed asset investments
799
799
804.745
107.620
19,1571
952.917
96.482
1,757,662
204,102
19,1571
Current a55et5
Current liabilities
Total net assets
904,007
1,049,399
1,953,406
Total funds at
31 July
2022
Unrestrlcted
funds
Restrlcted
funds
IAS restated)
Tangible fixed assets
Fixed asset Investments
Current assets
647
647
819,452
94.435
15.3211
970,333
60,505
1,789,785
154,940
15,3211
Total net assets (Resialedl
9J9.213
1,030,838
1,940,051
Page 23
The Wells Cathedral Chorister Trust
Notes to the Financial Statements for the Year Ended 31 July 2023
(continued)
17 Prlor perlod adjustment
During the year the Trustees identified that funds previously classified as Endowment Funds were gifted
without restriction and therefore should be classified as unrestricted funds.
These were a55ets that were donaled to the charity with no legally binding requirements attached to the
donation. These funds were historically classified as Ireslrictedl endowment funds. Therefore a prior period
adjustment has been made to reclassify these funds.
The funds reclassified are the girls, endowment fund and the girls, & boys, endowrnent fund, which totalled
£1,815,834.
The glrls, endowment fund was originally created at a time when the chariws objects were solely to support
girl choristers. The charity sybseouently ¢hanged lis objects to support both boy and girl choristers. The
resolution made at that time a8reed thai the balance of girls, funds held should be restricted for girls. This
balance plus subsequent gains on investments totals £984,456. Therefore this balance has been reclassified
from endowment funds to funds restricted lor girls in accordance with the resolution.
The remaining balance of £332,327 prevrously held within the girls, endowment fund and the balance of
£499,051 previously held within the girl and boy endowment fund were crealed frorn donation5 which had no
le8ally binding restrictions placed upon them, and were received after the Charity's objects were changed to
support both boys and 6irls.
These balances, totalling £831,379, have therefore been re¢lassified from endowment funds to unrestricted
funds. The Trustees then decided to desi8nate these funds into a desiBnated 8ir15 and boys choristers fund.
The adjustments reclassify these funds only. There is no net effect on total funds.
The effea of the prior year adjustment on ihe reserves 3$ at l Au8USt 2023 is as follows..
Unrestrlrted
funds
De518nated
funds
Restrlrted
funds
Endowment
funds
Total
As previously reported
Prior period adjustment
2.848
40.560
831,378
36.487
984,456
1.815,834
11,815,834)
1.895,729
As restated
2.848
871.938
1.020.943
1,895,729
In addition, £9,552 of losses on investments in the comparative year have been reclassified to designated
funds and £11,311 losses on investments to the restricted girls choristers fund. There is no net impact on
expenditure or net assets as a result of this adjustment.
18 Related party transartlOn5
During the year bursarie5 totalling £25,596 were paid to the We115 Cathedral Sthool.12022.. £32,403).
Page 24
The Wells Cathedral Chorister Trust
Detailed Statement of Financial Activities for the Year Ended 31 July
2023
Totsl
2023
Total
2022
£ (As restated)
Income and Endowments from:
Donations and legacies
Concert and event income
57.257
5.985
90,549
4.972
Sale of Christmas cards
552
482
other investment income
50.187
3,884
48,521
257
Bank interest receivable
Total Income
117.86S
144.781
Expendlture on:
Opening stock
Insurance
16151
11581
14361
14,8001
11,2211
15,5431
18151
115,0681
11?,4851
12.0121
11571
15431
16,¢J021
Telephone
Other office costs
Concert and events costs- designated
Concert and events costs
15,5281
11,4531
13.7661
121,8301
1.7121
11,0641
124,0151
11921
15,4061
17191
Subscriptions
Bursaries - Res¢ri¢ted
8ursarie5
Advertising
Website costs
Administration costs
112,7381
115,4211
12,6371
16471
Fundralslng and marketlng consultancy
Legal and professional fees
Depreciation of office equipment
Total expendituie
172,3871
179,5961
Net income
45,478
65,185
Other recoBnlsed galns and losses
Other reco8nised 8ains and105ses
132,1231
120,8631
Net rnovernenl in fund5
13.355
44.322
Reconclllatlon of funds
Total funds brought forward
1,940,051
1,895,729
Total funds carried forward
1,953,406
1,940,051
This page does notform part of the statutory financial statements.
Page 25